Our October 12.5 covered calls on Taiwan Semi (TSMJV) expired worthless. Also, we closed our December 50 covered calls on Suntech Power (STPLJ) and the November 50 covered calls on Plum Creek Timber (PCLKJ). The options netted a gain of about 5%, 13% and 14% against our Taiwan Semi, Suntech Power, and Plum Creek Timber shares respectively. We are showing a gain of just fewer than 4% for the year on our transactions. We will look into liquidating some of our shares before the end of the year to realize capital losses for tax purposes as the portfolio overall is well in the red – it is a question of deciding which ones to liquidate and in what manner (selling outright as opposed to writing near-the-money options and liquidating through automatic option exercise or selling after expiry).
The list of stocks/options sold during the year and the gain/losses are listed below:
| Stock | Buy Date | Buy Price | Sell Date | Sell Price | % Gain (Loss) | % Portfolio Return* |
| LDK Solar (LDK) | 11/21/2007 | 30.30 | 01/08/2008 | 40.83 | 34.75 | 2.64 |
| Fannie Mae (FNM) | 02/15/2008 | 30.70 | 03/10/2008 | 19.82 | (35.44) | (2.18) |
| Navteq Inc.(NVT) | 03/11/2008 | 73.32 | 03/12/2008 | 72.15 | (1.62) | (0.06) |
| Suntech March 45 Call (STPCI) | 10/15/2007 | NA | 03/22/2008 | NA | NA | 0.50 |
| LDK Solar March 40 Call (LDKCH) | 02/13/2008 | NA | 03/22/2008 | NA | NA | 0.44 |
| Taiwan Semi April 12.5 Call (TSMDV) | 10/18/2007 | NA | 04/20/2008 | NA | NA | 0.1664 |
| Cypress Semi April 27 Call (CYDB) | 04/04/2008 | NA | 04/20/2008 | NA | NA | 0.2137 |
| Cypress Semi (CY) | 04/02/2008 | 24.89 | 04/20/2008 | 26.95 | 8.26 | 0.4113 |
| EMC Corporation May 16 (EMCEQ) Call | 04/23/2008 | NA | 05/17/2008 | NA | NA | 0.1639 |
| EMC Corporation (EMC) | 04/08/2008 | 15.00 | 05/17/2008 | 15.97 | 6.48 | 0.2915 |
| Suntech June 45 Call (STPFI) | 04/01/2008 | NA | 06/05/2008 | NA | NA | 0.3538 |
| Taiwan Semi Oct 12.5 Call (TSMJV) | 04/21/2008 | NA | 10/18/2008 | NA | NA | 0.2061 |
| Plum Creek Timber Nov 50 Call (PCLKJ) | 06/03/2008 | NA | 10/21/2008 | NA | NA | 0.2028 |
| Suntech Power Dec 50 Call (STPLJ) | 06/06/2008 | NA | 10/21/2008 | NA | NA | 0.4656 |
| Realized Gain/(Loss) YTD | - | - | - | - | - | 3.6698 |
- % Gain/Loss Relative to Portfolio Value at Beginning of Year + Deposits
- The table assumes realization of profits associated with selling options only after the option is exercised or expiry.
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